Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Thematic (Sector/Industry)

Less than a year since the news hit that the Chinese outbreak spread to the world, <a href="https://www.smartkarma.com/entities/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US)</a> has announced its vaccine with more than 90% effective in preventing Covid-19 among those without evidence of prior infection. Similar to <a href="https://www.smartkarma.com/insights/china-outbreak-theme-winners-and-losers" target="_blank" data-smartkarma-citation="insights:35971" rel="noopener">China Outbreak Theme: Winners and Losers</a> , this insight will discuss the potential winners and losers from the announcement of the vaccine. Travel-related names such as airlines, airport operators, tour operators, the duty-free operators are the clear beneficiaries of this news while auto dealership will also benefit from the potential lower unemployment later on. Instant noodle makers, pc makers that benefit from the work-from-home rush, as well as glove makers will no longer enjoy the same growth rate in 1H, and in the case of the glove makers, both ASP and volumes may see a decline.

Less than a year since the news hit that the Chinese outbreak spread to the world, Pfizer Inc (PFE US) has announced its vaccine with more than 90% effective in preventing Covid-19 among those without evidence of prior infection. Similar to China Outbreak Theme: Winners and Losers , this insight will discuss the potential winners and losers from the announcement of the vaccine. Travel-related names such as airlines, airport operators, tour operators, the duty-free operators are the clear beneficiaries of this news while auto dealership will also benefit from the potential lower unemployment later on. Instant noodle makers, pc makers that benefit from the work-from-home rush, as well as glove makers will no longer enjoy the same growth rate in 1H, and in the case of the glove makers, both ASP and volumes may see a decline. 

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Event-Driven

On the back of JAL’s announcement of a $1.6bn capital raise that drove the stock down 11.0% today, we examine conditions for compatriot ANA. We have flagged ANA’s weaker balance sheet compared to JAL and would also point out that ANA will likely have bigger cash flow needs over time as it still needs to replace a significant portion of an aging fleet. We do not see how ANA can realistically avoid a capital injection.

On the back of JAL’s announcement of a $1.6bn capital raise that drove the stock down 11.0% today, we examine conditions for compatriot ANA. We have flagged ANA’s weaker balance sheet compared to JAL and would also point out that ANA will likely have bigger cash flow needs over time as it still needs to replace a significant portion of an aging fleet. We do not see how ANA can realistically avoid a capital injection.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/japan-airlines-co-ltd" target="_blank" data-smartkarma-citation="entities:1184:1" rel="noopener">Japan Airlines (9201 JP)</a> plans to raise around US$1.4bn in order to shore up its balance sheet and aid its longer term transformation.
The shares are down over 50% this year, after having corrected by another 10% today.
In this insight, I'll talk about the deal dynamics and run the deal through our ECM framework.

Japan Airlines (9201 JP) plans to raise around US$1.4bn in order to shore up its balance sheet and aid its longer term transformation.
The shares are down over 50% this year, after having corrected by another 10% today.
In this insight, I'll talk about the deal dynamics and run the deal through our ECM framework.

Japan Airlines Placement - Given the Uncertain Outlook, Might Need Further Correction

JAL announced today that they would raise up to ¥168bn of new capital by issuing up to 100m new shares. It is a bit surprising that JAL has announced a secondary offering before ANA which is in significantly worse financial shape but JAL’s move does appear to be pre-emptive and could help the company streamline operations significantly.

JAL announced today that they would raise up to ¥168bn of new capital by issuing up to 100m new shares. It is a bit surprising that JAL has announced a secondary offering before ANA which is in significantly worse financial shape but JAL’s move does appear to be pre-emptive and could help the company streamline operations significantly.

After market close the <a href="https://asia.nikkei.com/Business/Companies/ANA-weighs-1.9bn-public-offering-of-common-stock" target="_blank" rel="noopener">Nikkei reported</a> that ANA was considering a ¥200bn public offering. With international travel still highly restricted and likely to be permanently impacted by the pandemic we believe airline stocks are not adequately pricing in downside risks. ANA’s situation is particularly interesting due to its similarities and differences with JAL. We discuss a simple trade below.

After market close the Nikkei reported that ANA was considering a ¥200bn public offering. With international travel still highly restricted and likely to be permanently impacted by the pandemic we believe airline stocks are not adequately pricing in downside risks. ANA’s situation is particularly interesting due to its similarities and differences with JAL. We discuss a simple trade below.

ANA – A Simple Short Before the Capital Raise

Japan

ANA Holdings Inc provides a variety of air transportation-related services. The Company offers scheduled & unscheduled air passenger services and air courier services. ANA sells aircraft parts and provides travel arrangement & reservation services as well.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ana Holdings (9202 JP)

Pfizer Vaccine: Winners and Losers

Similar to China Outbreak Theme: Winners and Losers , this insight will discuss the potential winners and losers from the announcement of the vaccine.

Henry Soediarko

ANA – Significant Downside Remains

With competitor JAL raising capital to fund investment in more fuel-efficient aircraft we believe ANA could be forced to similarly raise capital,...

Mio Kato

Japan Airlines Placement - Given the Uncertain Outlook, Might Need Further Correction

Japan Airlines (9201 JP) plans to raise around US$1.4bn in order to shore up its balance sheet and aid its longer term transformation.

Sumeet Singh

JAL – Raising Capital Before ANA

Japan Airlines announced today that it would be raising up to ¥168bn of new capital to invest in fleet modernisation, LCCs and debt repayment.

Mio Kato

ANA – A Simple Short Before the Capital Raise

After market close the Nikkei reported that ANA was considering a ¥200bn public offering. With international travel still highly restricted and...

Mio Kato

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)